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Specific ratios provided for screven enterprises

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Reference no: EM13532918

The president of Screven Enterprises asks if you could indicate the impact certain transactions have on the following ratios.

Transaction

Current 
Ratio 
(2: 1)

Receivables 
Turnover 
(10 )

Average 
Collection 
Period 
(36.5 days)

1. Received $5,000 on cash sale. 
The cost of the goods sold was 
$2,600.


2. Recorded bad debts expense of $500 
using allowance method.


3. Wrote off a $100 account receivable 
as uncollectible (Uses allowance 
method.)


4. Recorded $2,500 sales on account. 
The cost of the goods sold was 
$1,500.


Instructions

Complete the table, indicating whether each transaction will increase (I), decrease (D), or have no effect (NE) on the specific ratios provided for Screven Enterprises.

Reference no: EM13532918

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